AxelAdlerJr2024-02-26

When will the bull rally begin?

The current level of Supply in Profit for BTC as of February 25, 2024, is 92.95%. This means that almost 93% of all BTC, that have been moved (i.e., bought or sold) over the last year, are in profit, meaning they were purchased at a price lower than the current market value. Let's compare this level to the previous cycle to understand the current state of the BTC market: In the previous cycle, when the share of profitable supply approached 96%, we could see profit-taking and a macro correction, after which the market entered a bull rally phase. If BTC continues to follow historical trends, we could expect a further increase in price and the share of profitable supply to a level greater than 96%, after which investors could take profits and the price would correct before the start of the bull rally in 2024. I think we can assume that soon, the price will rise to the level of 55-60K or even form a new ATH, after which, the market will go into a correction, at the end of which a bull rally will begin. Don't forget to follow my X (Twitter) @AxelAdlerJr where I publish daily macro reports on the state of the Bitcoin market. AAJ